The ASX 200 is trading sharply higher this morning, powered by thin volumes following strength in offshore markets.
The US S&P 500 finished up 1.24%, taking it into positive territory for the year. The gains in Europe were even larger with the UK FTSE 100, German DAX and CAC 40 in France all adding between 2.28% to 2.60%. Yes, the Santa Rally for stocks is now in full flight.
First, the scoreboard.
- ASX 200 5204.80 , 63.02 , 1.23%
- All Ords 5253.70 , 60.16 , 1.16%
- AUD/USD 0.7231 , 0.0001 , 0.01%
Following a 4.5% surge in the crude oil price, gains are being led by the energy sector. It’s currently up 3.14%, shading significant gains of 2.93% and 1.34% for materials and consumer staples. Yes, some of the worst performing sectors this year are outperforming today.
Reflective of thin volumes and the fact more investors are at the shops, holidaying or getting ready for tomorrow’s Christmas lunch, all sectors are trading higher.
Should the index manage to close higher today – something that appears likely on early form – it will mark the seventh consecutive day of gains, the longest winning streak seen since early February.
As a reminder, stocks will cease trading at 2.10pm AEDT in the lead up to the Christmas break.